Tanzania: Mkombozi Bank Introduces High Technology in Market

She said the devices would be linked to the bank’s central data base unit or the main server in the headquarters. This would make possible to track various customers information records which enable transactions to be carried out.

To begin with, she said diverse areas with vivacious business activities would be earmarked for the service provision. For example, supermarkets, petrol stations, business centres.

She said the devices would facilitate an easy deposit and withdraw of money thus minimizing risks and unnecessary costs of moving to the bank’s branches.

She added that the new facility would also facilitate in loans provisions and payments to the small medium enterprises (SMEs) who greatly need capital to make their businesses payoff in terms of profit.

“The use of the devices would cut down costs of opening and operating new bank branches,” she added. Apart from trimming down costs, also with the devices she said it would be possible to reach more people especially the rural areas which are at most time ignored.

Mrs Lupembe said the technology was widely spread in Kenya and many financial institutions have adopted it.

The deployment of the modern technology which was expected to be ready for use in one month time cost the bank an investment of about 53,000 US dollars (about 85m/-).

The Mkombozi Commercial Bank, she said was also finalizing its plans to open new branches at Msimbazi and Kariakoo in Dar es Salaam Region and one branch in Mwanza Region.

She said the bank would in five year period increase number of its customers to 100,000 from just 8,000 currently.